SLB - ChampionX Schlumberger Shares Move In Opposite Directions After $8B Deal Announcement | Benzinga
ChampionX Corp. (NASDAQ:CHX) shares are trading higher, while Schlumberger Ltd. (NYSE:SLB) shares are down after the Texas-based companies announced an all-stock deal.
What Happened: Schlumberger will acquire ChampionX, and the shareholders will receive 0.735 shares of Schlumberger in exchange for each ChampionX share.
ChampionX shareholders will own approximately 9% of Schlumberger’s common shares once the deal closes.
Post closure, Schlumberger expects to realize annual pretax synergies of around $400 million within the first three years through revenue growth and cost ...